debt consolidation

It’s Mortgage Renewal time

Is your mortgage coming up for renewal within the next several months? Don’t settle for less. If you don’t look around you’ll never know if your existing lender is offering you the best mortgage renewal package. This is where we come in. As a mortgage brokerage we shop around on behalf of our clients to make sure they get the best overall suited mortgage product for their mortgage renewal needs. And never compare yourself with another person’s mortgage as everyone’s personal situation could be different, which in turn will require customized approaches towards getting the right mortgage at mortgage renewal time.

Different Reasons for mortgage renewals

So you’ve been thinking lately about what to do with your mortgage. Contact us and lets think about it together. You’ve also heard that the lower your mortgage balance is the higher your home equity would be and the more money you can access from your home. That is true, as your mortgage balance decreases the percentage of the equity you can access from your home increases.

Here are some reasons why you should contact us:

You want to do a mortgage renewal for a better rate than what your current lender has offering you

You want to do a mortgage renewal to consolidate your debts and pay a lower interest rate on the new larger mortgage amount

You want to do a mortgage renewal with a new lender to add a home equity line of credit to your house

You want to do a mortgage renewal so you can change lenders to a new one because you’ve heard good things about them and like their offerings, or have other accounts with the new lender

You have other personal doing a mortgage renewal with a new lender

Perks to switch to a new lender

The lenders have internal perks, unadvertised for the general public for switching your mortgage that only the mortgage broker community knows about. For example, if we switch your mortgage the new lender could cover the legal, appraisal, and the discharge fees. Therefore not only are you benefiting with getting expert unbiased professional advice for your renewal from Trusterra Mortgage, you are also getting competitive mortgage rates, and are switching your mortgage at minimal cost to you.

If you recently got a new mortgage or renewed your existing one, you can always give us your details and let us know when to contact you for when the time comes to renew again by using our free Mortgage Renewal Reminder Service.

Ready to start or maybe you have some questions to ask first? Contact us and we’d be happy to help you.

Debt Consolidation

The holiday season is over and now is the time to start thinking about all that spending you made during the last month or two. Well, if you own real estate, then there is a better option of doing a debt consolidation.

Many people will be stacking up high interest rate credit cards or using their personal line of credit’s to pay off their high interest rate credit cards, but even the unsecured personal line of credits that the banks offer have high interest rates.

If you own your own home and have been paying down the mortgage there is a good chance that you have built up value or equity in your property.

Equity is the amount of money worth on your home, when you take the appraised market value and subtract it from your current outstanding mortgage balance. Financial institutions in Canada, such as chartered banks and trust companies offer secured lines of credit or otherwise known as Home Equity Line of Credit HELOC up to 80 percent of the appraised value. In the financial services industry it is called Loan to Value LTV.

With today’s current Canadian prime lending rate of 3% HELOC’s are rated at Prime plus a percentage point. On average the Home Equity Line of Credit interest rates as of the date of this blog post are Prime + .50%. Is not this interest rate better than the 18 and above percent that you would pay with your credit cards?

A Mortgage Brokerage company such as Trusterra Mortgage would be in the best position to offer you professional and unbiased advise in the context of real estate and mortgages on how to manage your holiday debts and to help you start saving money and interest.

What are you waiting for? Contact us and let us help you to consolidate your accumulated debt and save on high interest rates.